Use the information below to answer the question that follows,
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.
The yearly depreciation using the straight line method would be?
N5,200
N6,500
N8,800
N4,400
Correct answer is A
No explanation has been provided for this answer.
Use the information below to answer the question that follows,
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.
N11,000
N7,000
N4,000
N24,000
Correct answer is C
No explanation has been provided for this answer.
Saka's account and credit discount received account
Alaka's account and credit discount received account
Discount received account and credit Alaka's account
Discount allowed account and credit Alaka's account
Correct answer is A
Alaka is a debtor to saka we therefore
debit saka's cash account and credit allowed account
The difference between book keeping and accounting is that while
Book keeping interprets data, accounting records it
Book keeping is regarded as the language of the business accounting ascertians its strength and weakness
Book keeping records data accounting interprets it
Book keeping summaries information accounting communicates it
Correct answer is C
In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data.
Which of the following expenses relate to the profit and loss account of a manufacturing firm?
Administrative overhead
Direct labour
Direct materials
Work-in-progress
Correct answer is A
Administrative overhead is those costs not involved in the development or production of goods or services. This is essentially all overhead that is not included in manufacturing overhead. Examples of administrative overhead costs are the costs of: Front office and sales salaries, wages, and commissions. Office supplies.